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K U T A K ROCK LLP ATLANTA <br /> CHICAGO <br /> SUITE 3000 FAYETTEVILLE <br /> 1801 CALIFORNIA STREET IRVINE <br /> KANSAS CITY <br /> DENVER, COLORADO 80202-2626 LITTLE ROCK <br /> LOS ANGELES <br /> 303-297-2400 MINNEAPOLIS <br /> FACSIMILE 303-292-7799 OKLAHOMA CITY <br /> OMAHA <br /> www.kutakrock.com RHIHADELPHIA <br /> RICHMOND <br /> SCOTTSDALE <br /> WASHINGTON <br /> April 10, 2016 WICHITA <br /> Colorado Water Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street,Room 721 <br /> Denver, Colorado 80203 <br /> Re: Loan Contract CMS:85680/CORE: CT2016-2516 for Bow Mar Water and <br /> Sanitation District <br /> To Whom It May Concern: <br /> We have been engaged by the Board of Directors (the `Board") the Bow Mar Water and <br /> Sanitation, in Jefferson and Weld Counties, Colorado (the "District") for the sole purpose <br /> providing the bond counsel opinion required by the State of Colorado Department of Natural <br /> Resources Water Conservation Board("CWCB") in provision A(7) of that certain Loan Contract <br /> No. CT2016-2516 (the "Loan Contract"). <br /> The execution by the District of the Loan Contract, including the documents attached <br /> thereto, was approved pursuant to authorizing Resolution passed and adopted on by the District <br /> Board on March 9, 2016 (the "Loan Resolution", and collectively with the Loan Contract, the <br /> "Loan Documents"). <br /> We have examined the constitution and the laws of the State of Colorado (the "State"), <br /> the District Charter and such certified proceedings, certificates, documents, opinions and other <br /> papers as we deem necessary to render this opinion. As to questions of fact material to our <br /> opinion, we have relied upon the certified proceedings and other certifications of public officials <br /> furnished to us without undertaking to verify the same by independent investigation. We have <br /> assumed the due authorization, execution and delivery of the Loan Contract by, and the <br /> enforceability of the Loan Contract against,the CWCB. <br /> Based upon the foregoing, we are of the opinion, under existing law and as of the date <br /> hereof,that: <br /> (a) The District has full legal right and authority to execute the Loan <br /> Documents and to observe and perform its duties, covenants, obligations and agreements <br /> thereunder. <br /> (b) The Loan Documents have been duly authorized, executed and delivered <br /> by authorized officers of the District; and, assuming in the case of the Loan Contract, that <br /> 4843-5616-4911.1 <br />